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Turn Wary of China Funds

China equity funds have shined a beacon of light amid Asia's market gloom, but is their robust performance just a flash in the pan?

As many of the region's bourses plunged recently in the wake of the floating of some Asian currencies, China equity funds were one of the few sectors of Asian mutual funds to hold firm. According to fund trackers Micropal Asia Ltd., the sector generated an average 79% in the 12 months ended Sept. 30, a...